How to Money | MHFi 026

Our Discussion

We started out discussing the fine line between frugal and cheap. Joel told us a story about a time when he purchased some ceiling fans just because they were inexpensive. They were the wrong size and poor quality, and left Joel frustrated that he would spend more time and money in the long run – eventually having to replace them with ones that actually did the job. Frugal doesn’t always mean spending less money on things!

We then delved into Joel’s backstory with money. Like Carl, Joel grew up with parents who were not great with money. They spent money they believed they’d have as soon as Joel’s dad was promoted. But that promotion never came through, and Joel watched as his parents struggled to afford the things they needed and wanted in life.

A particularly vivid memory for him is watching a new Dodge Durango that his parents had purchased get taken away by “the repo man.” Joel vowed that he would never let himself struggle with money, and became radically frugal in response. Now, he thinks about money as not just something that has to be scrimped and saved but as a powerful tool that can help you bring your dreams into reality.

Joel talked to us about how his own siblings think about money, and how he is working to teach his children now about finances. His philosophy is that just because he has money doesn’t mean he’s spending it on whatever the kids want. He is instilling in them the importance of working hard for the things you want and the power of saving towards bigger purchases.